Nigerian Breweries Plc, said on Thursday that net profit for the full year 2017 grew 16.3% to ₦33bn ($91.6m). Revenue in the same period rose 9.8% to ₦344.5bn ($957m) from ₦313.7bn in 2016.

The company which is the Nigerian unit of Amsterdam-based Heineken NV said that despite improvement in the foreign exchange market, double-digit inflation continued to impact both businesses and consumers. However, it was able to deliver improved results through continuous focus and execution of its twin agenda of Cost Leadership and Market Leadership supported by Innovation.

At the release of its full-year results a day earlier, Heineken NV, its parent company noted that consumer confidence in Nigeria remained low due to cost inflation and continued weak economic growth. Beer volume in the country declined to the mid-single digit with slightly improved trends in the second-half. Valued brands continued to outperform the rest of the portfolio.

Looking forward to the rest of 2018, Nigerian Breweries said that the operating environment is expected to be similar to 2017 especially in the run-up to the 2019 General Elections. Whilst there are some early signs of macro-economic conditions improving, it is yet to be reflected in consumer confidence. However, the company’s management remains confident that the firm has a clear strategy to deliver good return on investment to shareholders.

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